Is a remodeling job for a condo in any way Tax-deductible for an owner occupied unit?

Answer 1

If the condo is your primary residence, and you take out a mortgage or home equity loan to pay for the remodeling, you may deduct the interest paid on the loan.

Another itemized deduction, if you chose the sales tax deduction rather than state income tax (maybe your state doesn't have state income tax) then the sales tax you paid on the cost of the building materials, can be deducted in addition to the safe harbor amount based on your income.
http://www.irs.gov/newsroom/article/0,,id=165636,00.html

Increasing the energy efficiency of your condo, such as energy efficient furnace, windows, and insulation, can earn tax credits depending on the improvements you are making.

As other have said, if you add medically necessary remodeling features, the cost of those changes can be a deduction.

Answer 2

Unless you're having your kitchen counters lowered so you can reach them from your wheelchair or some other medical reason, the answer is no.

You would add the cost of the remodeling to the basis (basically what you paid to buy your home) of your condo for when you go to sell. There currently is a $250,000 deduction for capital gains on owner-occupied residences, but like any tax law, is subject to change at the whim of the government.

Answer 3

Your remodeling job could add to your tax basis and decrease your capital gains expense when you sell, but I doubt if that applies. Of course unless you have a very high end condo and exceed the $250,000 exemption. Otherwise I don't see how it could be unless it is a medical expense. Seriously, there are people with environmental illnesses and disabilities who must make alterations to their homes. I would not take the deduction without checking first with my tax adviser as to the validity of the deduction and the proper way to document it as a medical necessity.

Answer 4

they seem to be a nondeductible business enterprise cost except the business enterprise suffered a loss somewhat than a income. Then they don't pay an earnings tax and that they could deduct their loss. regardless of in the event that they smash even, there heavily isn't a tax volume owed. Why ought to there be? Do you pay earnings tax in case you had no earnings? You get to deduct your self and kin as dependents plus yet another huge deduction only because of the fact or you could take deductions on the long type in the event that they are extra advantageous than on the fast type. then you definately pay the tax value that applies to the adjusted gross earnings. that's somewhat no diverse. do not you communicate approximately your taxes an cost which you are going to not be able to deduct? companies upload a lot to a community. they don't seem to be a legal accountability to you.

Answer 5

No. For your home, any remodelling expenses are not deductible.
These expenses (except for repairs) increase your basis. When you sell the house, your profit will be less. So it is better to keep track of all such expenses.

Answer 6

No tax deductions available for remodeling.

If you installed new windows or other energy efficient items, you may qualify for a small credit. See Form 5695.